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v3.25.2

Fair Value Measurements (Tables) | 12 Months Ended
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May 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Long-term Debt Instruments | The carrying value and fair value of the Company's long-term debt, including current maturities, is as follows for the periods indicated:
(In millions) |  | May 31, 2025 |  | June 1, 2024
Carrying value |  | $ | 1,337.0 |  |  | $ | 1,347.8 |
Fair value |  | $ | 1,330.7 |  |  | $ | 1,411.6 |
Schedule of Assets and Liabilities Measured at Fair Value and Recorded in Net Earnings | The following table sets forth financial assets and liabilities measured at fair value through net income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of May 31, 2025, and June 1, 2024:
(In millions) | May 31, 2025 |  | June 1, 2024
Financial Assets | NAV |  | Quoted Prices With Other Observable Inputs (Level 2) |  |  |  | NAV |  | Quoted Prices With Other Observable Inputs (Level 2) |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 10.8 |  |  | $ | — |  |  |  |  | $ | 17.5 |  |  | $ | — |  |  |
Other current assets: |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | — |  |  | 0.8 |  |  |  |  | — |  |  | 1.1 |  |  |
Other noncurrent assets: |  |  |  |  |  |  |  |  |  |  |
Deferred compensation plan | — |  |  | 22.0 |  |  |  |  | — |  |  | 19.1 |  |  |
Total | $ | 10.8 |  |  | $ | 22.8 |  |  |  |  | $ | 17.5 |  |  | $ | 20.2 |  |  |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |
Other accrued liabilities: |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | $ | — |  |  | $ | (0.2) |  |  |  |  | $ | — |  |  | $ | (0.4) |  |  |
Total | $ | — |  |  | $ | (0.2) |  |  |  |  | $ | — |  |  | $ | (0.4) |  |  |
Schedule of Assets and Liabilities Measured at Fair Value and Recorded in Other Comprehensive Income | The following table sets forth financial assets and liabilities measured at fair value through other comprehensive income and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of May 31, 2025 and June 1, 2024.
(In millions) |  | May 31, 2025 |  | June 1, 2024
Financial Assets | Balance Sheet Location | Quoted Prices with Other Observable Inputs (Level 2) |  | Quoted Prices with Other Observable Inputs (Level 2)
Interest rate swap agreement | Other noncurrent assets | $ | 28.1 |  |  | $ | 61.7 |
Total |  | $ | 28.1 |  |  | $ | 61.7 |
Financial Liabilities |  |  |  |
Interest rate swap agreement | Other liabilities | $ | 2.0 |  |  | $ | — |
Total |  | $ | 2.0 |  |  | $ | — |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The effects of non-designated derivatives on the consolidated financial statements were as follows for the fiscal years ended 2025 and 2024 (amounts presented exclude any income tax effects):
(In millions) | Balance Sheet Location |  | May 31, 2025 |  | June 1, 2024
Assets: |  |  |  |  |
Foreign currency forward contracts | Current assets: Other current assets |  | $ | 0.8 |  |  | $ | 1.1 |
Liabilities: |  |  |  |  |
Foreign currency forward contracts | Current liabilities: Other accrued liabilities |  | $ | (0.2) |  |  | $ | (0.4) |
Total net fair value of foreign currency forward contracts(1) |  | $ | 0.6 |  |  | $ | 0.7 |
(1) The notional amounts of the outstanding forward contracts were $102.2 million and $54.0 million, as of May 31, 2025 and June 1, 2024, respectively.
(In millions) | Statement of Comprehensive Income Location |  | May 31, 2025 |  | June 1, 2024 |  | June 3, 2023
Loss recognized on foreign currency forward contracts | Other expense (income), net |  | $ | 6.1 |  |  | $ | 3.0 |  |  | $ | 4.8 |
Schedule of Interest Rate Derivatives |
(In millions) | Notional Amount |  | Forward Start Date |  | Termination Date |  | Effective Fixed Interest Rate
September 2016 Interest Rate Swap | $ | 150.0 |  |  | January 3, 2018 |  | January 3, 2028 |  | 1.910 | %
June 2017 Interest Rate Swap | $ | 75.0 |  |  | January 3, 2018 |  | January 3, 2028 |  | 2.348 | %
January 2022 Interest Rate Swap | $ | 575.0 |  |  | January 31, 2022 |  | January 29, 2027 |  | 1.650 | %
March 2023 Interest Rate Swap | $ | 150.0 |  |  | March 3, 2023 |  | January 3, 2029 |  | 3.950 | %
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The gain/(loss) recorded, net of income taxes, in Other comprehensive loss for the effective portion of designated derivatives was as follows for the periods presented below:
| Fiscal Year
(In millions) | May 31, 2025 |  | June 1, 2024 |  | June 3, 2023
Interest rate swap | $ | (52.2) |  |  | $ | (27.1) |  |  | $ | 4.7 |
Schedule of Redeemable Noncontrolling Interest | Changes in the Company's redeemable noncontrolling interest in HAY for the year ended May 31, 2025 are as follows:
(In millions) | May 31, 2025 |  |
Beginning Balance | $ | 73.9 |  |  |
Dividend attributable to redeemable noncontrolling interests | (4.7) |  |  |
Redemption value adjustment | (16.4) |  |  |
Net income attributable to redeemable noncontrolling interests | 3.7 |  |  |
Foreign currency translation adjustments | 2.8 |  |  |
Ending Balance | $ | 59.3 |  |  |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479887/480-10-S45-3 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479857/480-10-S50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3A -Subparagraph (24) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480244/480-10-S99-3A + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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